Fintech Australia and Geneva Fintech have also committed to partner on a series of projects in the coming months, including leveraging blockchain and digital asset knowledge in Switzerland to produce education materials to be disseminated to the Australian body’s members.

FinTech Australia general manager Rebecca Schot-Guppy said the fintech ecosystems of Australia and Switzerland complemented each other in their nature and what they hoped to achieve.

“The memorandum is the first step in an important partnership that will support integration and various initiatives between our ecosystems as well as aid in market access,” Ms Schot-Guppy said.

Mr Steller commented Australia has shown a strong commitment over the last two decades towards supporting its partners in international jurisdictions for promoting financial inclusion, financial system stability and furthering cross-regional innovation.

“The strong regional dialogue between both Switzerland and Australia has resulted in this landmark agreement as both jurisdictions map out a blueprint for increased market interoperability, fintech innovation and fintech regulation,” he said.

“Geneva and Zurich have for many years been considered among Europe’s leading financial centres for private banking and wealth management and their appetite for fintech innovation is no different.”

He noted Switzerland has consistently ranked among the most innovative countries by the Global Innovation Index, including developments emerging from the digitisation of its banking and finance sector.